Jimmy, is a freelance writer who reports income on a cash basis:

Cash received for articles $50,000

TV Game show winnings 2,700

Loss on sale of stock 800

Appreciation of investment property 1,000

NYC Bond interest 200

What is Jimmy's Adjusted Gross income?

Question 19

Under the terms of a divorce agreement entered into in 2019, Ron is to pay his former wife Jill $10,000 per month. The payments are to be reduced to $7,000 per month when their 15-year old child reaches age 18. Assuming all of the other conditions for alimony are satisfied, What amount can Ron deduct from gross income for the year as alimony:

Answer rating: 100% (QA)

Answer 18 To calculate Jimmys Adjusted Gross Income AGI we need to add up all the sources of income ... View the full answer